1. Draw the short run marginal cost curve for a firm with eventually diminishing marginal product.  Then, indicate the price at which a firm is indifferent between shutdown and exit and the price at which a firm is indifferent between entry and exit

2.Assume the following cost data are for a purely competitive producer: see table below: Total Average Product Fixed Cost I 2 3 4 5 6 7 8 9 10 $60.00 30.00 20.00 15.00 12.00 10.00 8.57 7.50 6.67 6.00 Average Variable Cost $45.00 42.50 40.00 37.50 37.00 37.50 38.57 40.63 43.33 46.50 Average Marginal Total Cost Cost $105.00 72.50 60.00 52.50 49.00 47.50 47.14 48.13 50.00 52.50 $45 40 35 30 35 40 45 55 65 75 a. At a product price of $66, will this firm produce in the short run? If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? What economic profit or loss will the firm realize per unit of output. b. Answer the questions of 2a assuming product price is $46. Explain in detail. c. Answer the questions of 2a assuming product price is $38. Explain in detail. d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3) e. Now assume that there are 1,500…

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